Old Inventory in Manhattan Sells After Big Discounts

With only 17 contracts signed, the Big Apple saw another slow week for luxury homes

Manhattan’s luxury real estate saw another slow week, with deals signed for old inventory after big discounts, according to a weekly report from Olshan Realty.

Only 17 contracts were signed for homes priced at $4 million or more in the week ending Sunday. Manhattan hasn’t logged a single week with 20 deals or more since the end of June, similar to a summer slump experienced last year at this time, according to the report.

“It’s still not clear whether these low-tide numbers indicate anything more than a seasonal trend,” wrote Donna Olshan, president of the brokerage, in the report released Monday.

Done deals last week were marked by major discounts on properties that have been hanging around the market for months or even years. The average home to find a buyer last week was on the market for a stunning 591 days—or over a year and a half. The average discount rose to 10% last week.

Take the No. 1 contract: a seventh-floor co-op at 1020 Fifth Ave. on the Upper East Side, asking roughly $18 million. The five-bedroom unit facing the Metropolitan Museum of Art and Central Park first hit the market at the end of 2013 for $20 million.

An exception to the week of old inventory moves: The second most expensive contract was a duplex penthouse on the Upper West Side that sold in less that two months. The three-bedroom unit with four terraces at 120 West 72nd St. is priced at $10.495 million and has floor-to-ceiling windows, a fireplace and city views, according to the listing.